Mutual Fund News

Canadians invest less, mostly in money markets

By SHIRLEY WON

Wednesday, August 6, 2008

Canadian investors stashed about $730-million in mutual funds in June, but parked it all in money market investments. That was a sharp drop from $3-billion in the same month a year ago, according to figures released yesterday by the Investment Funds Institute of Canada (IFIC). "Most markets were down or flat," Pat Dunwoody, a vice-president of members services for IFIC, said in a statement yesterday. RBC Asset Management Inc. was the leader with $678-million in net sales. AIMFundsManagement Inc. suffered from the most net redemptions: $522-million.